Squamish is one of the fastest-growing communities in BC

Squamish, which is named the outdoor recreation capital of Canada, is one of the fastest-growing communities in British Columbia.   With major development planned for the near future, we should see this growth increase further.   Recently the federal government has approved a proposed LNG export terminal in Squamish, saying the project “is not likely to cause significant adverse environmental effects.”

 

“The Woodfibre LNG Project underwent a thorough, science-based environmental assessment that considered public and Indigenous input and views,” said Environment Minister Catherine McKenna.

 

This will fuel further growth in the area, not to mention the 100 permanent jobs and $2 million annually in local tax revenue, which would replace the money lost when the Woodfibre Pulp Mill shut down in 2006.

“This will be about a $650 million build on site,” says Byng Giraud, Woodfibre LNG VP, who promises it would be among the greenest LNG facilities in the world. “That’s money that will go directly into the economy.”

 

In 2012, when Taicheng Development Corporation bought [a] 460-acre plot of land, the plan was to build up to 4,000 homes. The new design for South Britannia Beach, at the south end of Squamish, includes between 850 and 1,000 units, in a mix of houses, townhouses, rowhouses and apartments. To encourage additional density, houses on single-family lots will have the option for secondary suites or laneway housing. 

The property, which the Chinese developer bought for $30.5 million in a court-ordered cash sale, includes the gravel pit directly south of Britannia Mine Museum, the former Makin lands, and land that stretches to the top of Furry Creek. About 180 acres would be developed. 

 

“There were too many units being proposed before. We want to be sensitive to the site, including the streams and wetland,” said project manager Michael von Hausen. Area D’s official community plan allows for 1,000 units of housing in the area. “We plan to have South Britannia Beach as a satellite community to Squamish. We’ll have a small commercial area with a coffee shop for local residents, and we are considering a shuttle service to Squamish and Vancouver.”

 

While many communities have experienced a slight drop in real estate prices over the past 6 months, Squamish continues to see increases.  Based on the stats released by the Real Estate Board of Greater Vancouver, the average price of all types of homes is now $645,500, seeing an increase of 8.3% in the last 6 months, 28.7% in the last year and a 67.5% increase over the last 3 years.  The further breakdown of these numbers by types of homes is summarized in the table below.  

 

Type of Home

Average Price

6-month increase

1-year increase

3-year increase

Detached

$813,000

6.7%

28.6%

61.9%

Townhouse

$649,400

10.9%

33.8%

92.9%

Condo/Apartment

$371,000

8.9%

24.7%

67.7%

 

Squamish is outside the Metro-Vancouver boundary in which the new 15% Property Transfer Tax is applied.  With some spectacular homes being put on the market in the Britannia Beach, we may see further price increases in the area. 

 

Credits

http://globalnews.ca/news/2587262/woodfibre-lng-project-in-squamish-receives-federal-approval/

http://globalnews.ca/news/2050709/squamish-lng-proposal-crystallizes-debate-on-citys-past-and-future/

http://www.squamishchief.com/news/local-news/britannia-development-could-include-1-000-homes-1.2098061

 

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